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Slow home sales hindering relocation efforts

Difficulty in selling homes has left many people stuck, even though they want to relocate.

Difficulty in selling homes has left many people stuck, even though they want to relocate.

For many people, moving to a new area can bring fresh possibilities both personally and professionally. But as NPR reports, the current housing market slowdown has made it difficult for many families to make the move.

The drop in home values has made it difficult for many homeowners to sell their house - even through a short sale - and those people are stuck in their current location until they can find a buyer for their old home.

Economists told the source that the inability of people to sell their homes and move to take advantage of a job opportunity is having a trickle-down effect that is hurting the labor market.

"Outside of outright foreclosure itself and the loss of wealth, it's probably the most important impact of overleveraging the housing market that we're going to have in this cycle," Gyourko says.

Following the expiration of the first-time homebuyer credit, home sales plunged last month. According to the National Association of Realtors, sales of existing homes fell 27.2 percent in July compared to the previous month.ADNFCR-3450-ID-19933658-ADNFCR